Tag Archives: Principality

Principality Buy to Let – new range starts with a 1.99% rate! Buy to Let News, Landlord News, Latest Articles

Principality Buy to Let have launched a massively improved new product range only available via brokers, but I have added them to our Buy to Let Mortgage Calculator and Sourcing system.

The Headline grabber is a 1.99% two year tracker BBR + 1.49% until 30/11/2015 with a maximum 60% Loan to Value and a 2.5% Product Fee. This also comes with a Free Valuation and Legals for a remortgage. Reverts to standard variable rate currently 4.99%.

This could be great value on a smaller remortgage, because of the percentage fee and free Val/Legals.

Other stand out products:

All including Free Valuations and Legals for a remortgage

2.99% Penalty free two year discount max 60% LTV, Product fee 1%

3.19% Two year discount max 70% LTV, product fee £999

3.49% Two year discount max 75% LTV, product fee £999

These are not high LTV products, but could be great value in the right circumstance, or you could even add the Castle Trust equity loan!

Standard Criteria for Principality:

  • Minimum Loan amount £25,000
  • Minimum Property Value £50,000
  • Minimum earned Income £20,000 or £30,000 for joint applicants
  • Maximum of 5 BTL properties with all lenders
  • Stress tested at 5.99% notional rate and 125% interest cover allows you to borrow 160.26 times the monthly rental income
  • Maximum age at end of term 69

For more information on the above products and to source a Buy to Let quote please Click Here

or if you need assistance and advice arranging a mortgage:

Email: Info@property118.com

Call: 01603 489118Principality Buy to Let

Buy to Let Mortgage products and market update – essential reading Buy to Let News, Landlord News, Latest Articles

Having just updated the Buy to Let mortgage products on our own in house Buy to Let Mortgage sourcing system and calculator I thought I would give you a summary of what’s Hot or Not in the current market.

Virgin Money have been added to the system because of their helpful attitude and criteria which includes:

  • Day one remortgages – So no need to wait 6 months to remortgage for cash purchases, refurbs, Auction purchases etc
  • First Time Buyers
  • Regulated Buy to Let

However Maximum LTV is 70%. Stand out different product is a 5 year fixed at 4.09% with £750 Cash Back and 2.5% product fee (better for smaller loan sizes where looking to fix costs long term is important.

The Mortgage Works (TMW) always been and old favorite of mine going back to 2003 have a selection of 80% LTV products and no income requirement for existing landlords.

Interestingly they have no longer term products currently above an initial 2 year deal. This will either be because they have purchased no long term funds or are uncertain of market direction at the moment. Example products range from:

  • 2.49% two year fixed with 2.5% arrangement fee at 60% LTV (really only a headline grabber) to
  • 4.14% 2 year fixed 2.5% fee at 80% LTV (one of the lower interest rate high LTV products)

BM Solutions were the old industry go to lender until introducing a maximum exposure of 3 mortgages, but still have one of the most comprehensive range of products up to 75% LTV.  They are also often helpful for flats above or adjacent to commercial premises.

  • 3.19% 2 year tracker £1295 fee 60% LTV
  • 3.89% 2 year tracker 0.5% fee 75% LTV
  • 4.34% 3 year fixed 1% fee 75% LTV
  • 4.99% 5 year fixed 1.25% fee 75% LTV

BM Solutions have NO customer service staff so any mortgages or further advances even must be done by a broker.

Kent Reliance are really mostly famous for being THE 85% LTV lender.

However minimum property value £75,000, proof of £25,000 income required stress tested at 192 times monthly rental income.

  • 4.99% 2 year fixed 2.5% fee 85% LTV reversion rate 6.58%
  • 4.89% 2 year discount 2.5% fee 85% LTV reversion rate 6.58%

Aldermore have a good range of 80% LTV products at 4.98% including 2, 3 and 5 year fixed and a varibale rate for the term. They will do day 1 remortgages for properties bought with a bridging loan on a like for like basis and inherited properties.

They will also consider customer with light adverse credit which very few lenders will allow including:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans et

Principality have a penalty free no tie in 2 year discount product at 3.39% with only a 1% + £99 fee at 60% LTV.

Also interestingly they will consider Holiday Homes on their BTL range!

Godiva owned by the Coventry building society are the “Does what it says on the tin lender” I liken them to the Yorkshire tea, or a sliced white loaf of a the buy to let product market. Nothing spectacular just a good solid no frills value for money products.

  • 3.49% variable penalty free for the term of the loan, £999 fee max 65% LTV (very good value with flexibility)
  • 3.79% 2 year fixed, £500 fee max 65% LTV
  • 4.74% Standard variable penalty free no fee max 65% LTV

Cost and product wise the market has been reasonably stable with small improvements adding up each month giving a healthier range of options available especially in niche areas such as:

Terms beyond retirement age, Bridge to Let, Remortgages inside 6 months, Ltd company applications, Higher LTV, Lower fees, Light adverse, Holiday let and more.

All of the above products, lenders and many more can be found by using our Buy to Let calculator and quote engine Please Click Here

If you need any assistance with a Buy to Let mortgage you can also:

Email: info@property118.com or

Telephone: 01603 489 1182013

Principality BuytoLet rates revised downwards Landlord News, Latest Articles, Property News

Principality BuytoLet rates have been revised downwards by 0.2% and introduced two new products all with low fixed fees down to a minimum of £99

These are two year variable rate products for the Building Society with the biggest advantage being the low set up costs for higher value properties instead of large percentage fees based on the amount of the loan. Product details in descending order of Loan to Value are: Continue reading Principality BuytoLet rates revised downwards

Principality will consider Holiday Homes on BuyToLet Buy to Let News, Landlord News, Latest Articles, Property News

The Principality Building Society will consider lending on holiday homes using their standard buy to let product range and criteria.

This little know niche which is unusually for lenders was brought to my attention by one of our consultants James Scoular after helping a Property118 reader secure an offer letter on her holiday home. Sure enough after investigation I found it hidden away in their three page mortgage lending criteria guide. Continue reading Principality will consider Holiday Homes on BuyToLet

Property118 Landlords Newsletter – Issue 111 Newsletter

This week’s edition features a round up of all the week’s articles. Mark asks for advice with what to do when a tenant dies during a tenancy, The Property Maverick So you think you know what really caused the Credit Crunch? and Ben Reeve-Lewis askd whether you should take the Police’s word during an eviction. Neil runs through Godiva’s mortagge changes and Julie Ford runs the rule over Rent a Room and there is plenty more in the news.

Continue reading Property118 Landlords Newsletter – Issue 111

Principality 70% LTV buy to let rate revised Buy to Let News, Latest Articles, Mortgage News, Property Investment News, Property Market News

Principality has revised one of its two buy to let products upwards.

The new rate at 4.99% has a low fixed product fee of £999 and includes a free valuation and remortgage service, reducing upfront costs for larger loan amounts up to a maximum of 70% Loan to Value. Continue reading Principality 70% LTV buy to let rate revised

Buy to let mortgage flood overwhelms lenders Buy to Let News, Latest Articles, Mortgage News, Property Market News

Buy to let lenders are squeezing the availability of loans as funding problems ripple out through the industry.

Landlords are finding loans more difficult to locate as lenders topple like dominoes due to exceptionally high demand for limited cash. Continue reading Buy to let mortgage flood overwhelms lenders

Spring Bank Holiday best buy to let mortgage deals guide Latest Articles

Stick men shaking hands on a houseBuy to let lenders say they are ready to open the floodgates to property investors looking to expand their portfolios rather than lend to first time buyers.

Mortgage lenders see less risk and more profits in buy to let because landlords borrow less to buy the same home as other buyers and investment mortgage interest rates are generally higher.

For landlords looking for more property, here’s a round up of some of the best buy to let interest rates and deals for the Spring Bank Holiday weekend: Continue reading Spring Bank Holiday best buy to let mortgage deals guide

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